A district may, by resolution, establish a revolving fund pursuant to Article 15 (commencing with Section 53950) of Chapter 4 of Part 1 of Division 2 of Title 5 of the Government Code. The maximum amount of the revolving fund shall not exceed either of the following:
(a) One thousand dollars ($1,000) if the purpose of the revolving fund is to make change and pay small bills directly.
(b) One hundred ten percent of one-twelfth of the district’s adopted budget for the current fiscal year if the purpose of the revolving fund is to pay any authorized expenditures of the district.
(Amended by Stats. 2009, Ch. 332, Sec. 75.7. (SB 113) Effective January 1, 2010.)